IOC Shares: Pre-tax earnings from the sale of petroleum products soared to INR 17,755.95 crore in the second quarter of the current fiscal compared to INR 104.04 crore in the same period last year.
"Urge the industry to reduce production of diesel vehicles. We may have to eventually increase taxes so much, you will find it difficult to sell diesel vehicles”, Gadkari said at an industry event.
IOC has already approved an increase in its authorised share capital of Rs 15,000 crore. The plan should strengthen capex spending and the credibility of its emission-reduction plans.
IOC is expected to report operationally strong June quarter results due to sharp recovery in marketing margins, which Prabhudas Lilladher expects at Rs 9 per litre (blended margins).
Shares of Indian Oil Corporation managed to hit its new 52-week highs at Rs 88.61, commanding a market capitalization of little more than Rs 1.25 lakh crore.